HR Updates & News

The summer is at its peak. Corporate weather also changes with the monthly calendar. These are appraisal times in most organisations.

Which means employees are eager to know the salary increments and promotions they will get. And employers are anxious that their good talent remains happy and doesn't look around.

Retaining good talent is HR's top priority.?When people remain with a company for a reasonable time, the work-culture develops. Learning and development brings good ROI for the business. And we can sense the momentum and stability in the workplace.

Retention is the theme for this edition of our newsletter.?We have introduced a new section in the newsletter:?Dive Deeper!

I hope it will help you gain even more from this newsletter.?

Employee Retention: The acid test!

Forget what academic definitions suggest. Here is the most practical definition of Employee Retention-- Your ability to hold your best employees?in spite of poaching efforts by competitors and large business houses.

And it doesn't happen in a day. Organisations must create a great work-culture, and take care of employees' financial as well as psychological and social needs.

Let's learn from organisations who are successfully doing it.

Stick to the fundamentals: And employees will stick!?

Ask any wise HR manager, and she would say-- Retention starts from recruitment.?Two things are important here. First, the positive recruitment experience that the new employee gets. And even more important, the?second factor?is: Fit of the candidate with the organisation.

If an employee fits in well, the chances of them performing better and remaining in the job improve.

Onboarding?also plays a crucial role. Because research suggests, employees make a decision to leave the organisation in the first six months. Good onboarding creates a positive imprint on them.

A competitive salary and growth opportunities?in the organisation are two other factors for increasing the retention number.?

Employee Pulse Monitoring: Progressive companies use online micro conversations. These mini 60-90 second surveys help the management to understand the mood of the organisation.

Clever Indian SMEs know how to bond with employees!

Indian SMEs don't go for (in their words) fancy initiatives. They believe in building relationships with employees. Here are some examples -

• A walk through the factory or office premises,?stopping to have a chat with an employee, asking for the whereabouts of their family members.
• They involve employees in decision-making.?And go for lunch and dinner meetings with them.
• Employee of the month initiative.?As well as special awards for outstanding performance throughout the year.?
• Cultural festivals like Diwali, Holi are celebrated in the company.?This offers good bonding opportunities between employees and management. Often family members of employees are also part of these celebrations.
• Progressive SME companies organize sports tournaments,?too. OpportuneHR's cricket tournament is an appropriate example. Such events help in creating a sense of belongingness to the organisation

And here is how some companies go beyond the obvious!

Here are some unusual employee retention activities implemented by companies.

Sabbatical Leave:?HubSpot offers its employees a paid 4-week sabbatical after every 5 years of service.?This perk allows employees to take a break, recharge, and return to work with renewed energy and motivation.

Paid Time Off for Activism:?Apparel company Patagonia provides its employees with up to 16 weeks of paid time off to engage in environmental activism and community service.?

Parental Support Program:?Swiggy offers a comprehensive parental support program, including extended paid leave, childcare assistance, and lactation rooms.

Period Leave:?The food delivery company Zomato introduced a "period leave" policy, allowing female employees to take up to 10 days of paid leave per year for menstrual-related issues.

Dive Deeper....

Here are resources for you to get deeper into the theme of Employee Retention.

Follow the thought leaders: Dave Ulrich:?Linkedin?Link:? Dave Ulrich has been ranked the #1 Management Educator & Guru by Business Week, and named the most influential thinker in HR of the decade by HR magazine.

Beverly Kaye:?Linkedin Link :?Author of "Love 'Em or Lose 'Em: Getting Good People to Stay": A practical guide on how to retain employees through meaningful engagement and development opportunities.

Josh Bersin:?LinkedIn Link: ? Industry analyst, researcher, educator, and technology analyst covering all aspects of corporate HR.

Dr Raghu Krishnamoorthy:?LinkedIn Link :?Fortune Magazine ranked GE's learning and development department as one of the best in the world under his leadership in 2014.?

Video --

Betterworks CEO’s 3 steps to a 98% retention rate! Click Here ?for this insightful video.

Do share your recommendations, insights and thoughts with us:

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